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The gear config icon in the upper right opens the Options window seen in the screenshot.

The red bag icon sells all items that are classified as junk. Classification is set through the options.

Options are as follows:

Sell - Automatically sell junk per configured settings
Repair - Automatically repair when using a vendor that can repair
Armor - Sell Armor items under the quality threshold
Weapons - Sell Weapons under the quality threshold
Shields - Sell Shields under the quality threshold
Costumes - Sell Costumes under the quality threshold
Filters

Keep Salvagables - With this selected you will not auto-sell salvagable items.

Quality Threshold (Seen as Average in the image) - Items below this threshold are sold if their item type is selected

Default Options are:

Sell Armor (To Keep, uncheck Armor)
Sell Weapons (To keep, uncheck Weapons)
Sell Shields (To keep, uncheck Shields)
Sell Salvageable items (To keep, check Keep Salvagables)
No auto sell (To auto-sell check Sell in options)
No auto repair (To auto-repair check Repair in options)
Sell items less than average quality (Change with dropdown)

JunkIt